How quickly do you pay off credit cards?
- Thread starter RoJoHen
- Start date
I use my credit cards regularly, but I pay the balance every month so I never have finance charges.
However, I currently have a balance on one card that happens to be my car payment. When it came time to replace my car last fall, I found that the best deals available for car loans was about 6.5%. I could get 4.9% by paying for the car with a promotional check (4.9% for the life of the balance) from one of my credit cards, so I bought it that way. I made sure the card had no charges on it, then bought the car, and haven't used the card since. I pay $400-$600 per month on the card (more than what a car payment would have been) and I own the car, not the bank. I've used this card like this once or twice before, and it works out better than getting a loan. So, generally speaking, I use my card regularly but never pay finance charges, but occasionally I use it for longer-term purchases when the situation works out better that way.
However, I currently have a balance on one card that happens to be my car payment. When it came time to replace my car last fall, I found that the best deals available for car loans was about 6.5%. I could get 4.9% by paying for the car with a promotional check (4.9% for the life of the balance) from one of my credit cards, so I bought it that way. I made sure the card had no charges on it, then bought the car, and haven't used the card since. I pay $400-$600 per month on the card (more than what a car payment would have been) and I own the car, not the bank. I've used this card like this once or twice before, and it works out better than getting a loan. So, generally speaking, I use my card regularly but never pay finance charges, but occasionally I use it for longer-term purchases when the situation works out better that way.
I pay all mine in full every month, if I even use them. One credit card, and a few store specific ones. I don't really use them that much though.
I always pay mine off at the end of every month, I don't use mine that much, only for paying for stuff online and things like that, so I make sure I can always afford it. I have a friend who still owes a lot of money from not paying off a credit card five years ago, no way I could ever do that to myself. I hate owing money, same reason I always pay cash when buying a car.
Mine automatically pay off in full by direct debit from my bank account every month. I use them whenever I can instead of using cash or debit cards. But I don't spend more than I would if I were using cash/debit cards. I just prefer using the credit cards because the rewards are better. I really need to start using some of the points; I have enough for a couple of flights anywhere I want now, I think.
Very true.Anyway, up until last month, I would always pay off the credit card immediately but this month is the big holiday to see the folks back in England and Ireland so that's going on the credit card (and a loan from my sister) - I'll pay it off as quickly as possible, but I'm just going to have to suffer having a balance on the card for a while.
I just wanted to point out that you don't need a credit card to buy things online - a debit card works as well. I don't think I've ever had a situation where a card was necessary and I couldn't use my debit.
That depends on where you live. You can't use debit cards for online purchases in Canada because they aren't set up that way.
^ That's correct. I live in Canada and can't order anything from the U.S. with a debit card from a Canadian bank.
Besides, like Holdfast, I get points everytime I use a credit card. I would never get a card that didn't earn points.
Besides, like Holdfast, I get points everytime I use a credit card. I would never get a card that didn't earn points.
Agreed. I use my debit card for all my online purchases. And I used it when I don't have enough cash on me for groceries or whatever.
The only time I ever charge something is when it is a very major expensive item that would require several payments. I would honestly never use a credit card for anything less than, say, $500...and even that's pushing it.
I use my debit card for every purchase I make, no matter how small - *except* for online stuff. I use a credit card for that. Less risky that way, I think...if fraudsters and hackers get ahold of a credit card number, you're not on the hook for anything, since you can get fraudulent charges dismissed easily and it's like it never happened. But if they get ahold of your DEBIT card, they can clean out your actual bank account, leaving you completely *broke* until you get it all sorted out.
I pay mine off in full every time I get the bill.
Here are some links - here and here - which explain why it's a bad idea to use debit cards on the Internet. The risk of fraud is just too great.
As I said, with a credit card, no money has actually been paid by you (until you pay the bill). If a fake charge shows up, you can easily dispute it, and you are not out any money. But if Internet thieves get ahold of your debit card number, they can CLEAN YOU THE FUCK OUT. They can get your actual MONEY. Leaving you fucking BROKE.
As I said, with a credit card, no money has actually been paid by you (until you pay the bill). If a fake charge shows up, you can easily dispute it, and you are not out any money. But if Internet thieves get ahold of your debit card number, they can CLEAN YOU THE FUCK OUT. They can get your actual MONEY. Leaving you fucking BROKE.
My income is too low for me to get a credit card. There have been times when it would have been an advantage for me to have one, times when I needed something but had to go without.
I got a debit card about two years ago when someone on this board suggested I get one after I complained how difficult it was to buy things online without a credit card.
I imagine if I had a credit card I would use to sparingly and pay it off each month.
I got a debit card about two years ago when someone on this board suggested I get one after I complained how difficult it was to buy things online without a credit card.
I imagine if I had a credit card I would use to sparingly and pay it off each month.
Same here, though the christmas one take until mid April.
I usualy pay $50-$100 on them, I never let them get to high.
I pay my credit card off every month. We have a regular credit card, our Debit/Credit card and a Best Buy card that we never use. We only got a Best Buy card because our old TV blew up last year and we needed a new one ASAP. But we pay everything off immediately--or in the case our new car, as fast as possible by putting a lot down and over and/or double paying.
